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Board approves $1.1 million appropriation for small-business revolving loan fund
Summary
The Board adopted an ordinance to appropriate $1,100,000 from prior-year general fund balance to the Small Business Revolving Loan Fund, placing $500,000 on reserve pending a program update to Budget & Finance.
The San Francisco Board of Supervisors voted to adopt an ordinance appropriating $1,100,000 from prior‑year general fund balance to the Small Business Revolving Loan Fund for fiscal year 2011–12.
The ordinance also places $500,000 of the appropriation on the Budget and Finance Committee reserve pending an update on the program. The ordinance passed on a roll-call vote of 11 ayes. During the vote, Supervisor Jane Kim cast the motion to proceed and the clerk recorded the roll call. "There are 11 ayes. This ordinance is finally passed," the clerk announced after the tally.
The measure was placed on the agenda as item 1 and received no extended debate during the public meeting; the funding is intended to support the city's small business loan program for the current fiscal year.
The ordinance takes effect immediately following adoption, and the Budget and Finance Committee will receive the requested program update before the reserved $500,000 is released.
